HET WATERHUIS: what changed
What changed
HET WATERHUIS
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€602,125
2024 · €2.5m-€1.9m
Equity
€20.3m
2024 · €20.7m-€397,875
Cash
€4.3m
2024 · €2.8m+€1.5m
Balance sheet total
€37.7m
2024 · €44.8m-€7.0m
Largest movements
Assets
- Stocks and contracts -€7.5m
down €7.5m (-37.0%), from €20.2m to €12.7m
- Financial fixed assets -€1.7m
down €1.7m (-8.3%), from €20.5m to €18.8m
- Cash +€1.5m
up €1.5m (+52.3%), from €2.8m to €4.3m
mainly Stocks and contracts (+€7.5m) and Investment in fixed assets (net) (+€998,668)
- Tangible fixed assets +€623,027
up €623,027 (+76.4%), from €815,140 to €1.4m
of which Other tangible fixed assets: +€571,160
Equity and liabilities
- Short-term financial debts -€6.3m
down €6.3m (-45.1%), from €14.0m to €7.7m
Income statement
- Gross operating margin -€5.1m
down €5.1m (-73.7%), from €6.8m to €1.8m
- Financial charges -€2.2m
down €2.2m (-76.2%), from €2.9m to €679,968
- Taxes -€587,845
down €587,845 (-71.9%), from €817,919 to €230,074
- Staff costs -€223,493
down €223,493 (-42.5%), from €525,677 to €302,184
- Depreciation -€87,773
down €87,773 (-52.9%), from €166,077 to €78,304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.5m
Gross operating margin
-€5.1m
Staff costs
+€223,493
Depreciation
+€87,773
Other operating charges
+€15,408
Other operating items
+€1,372
Financial income
+€41,500
Financial charges
+€2.2m
Taxes
+€587,845
Result 2025
€602,125
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€8.1m
Investment
+€998,668
Financing
-€7.6m
Cash 2024
€2.8m
From operations (derived)
+€8.1m
Net result for the year
+€602,125
Depreciation
+€78,304
Receivables after one year
-€120,000
Stocks and contracts
+€7.5m
Receivables within one year
+€86,610
Smaller working-capital items
+€13,529
Trade debts
-€72,165
Other debts
+€63,765
Accrued charges and deferred income
-€39,867
Investment (derived)
+€998,668
Investment in fixed assets (net)
+€998,668
Financing
-€7.6m
Debts after one year
-€300,000
Short-term financial debts
-€6.3m
Contributions, distributions and other
-€1.0m
Cash 2025
€4.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,770,424 | €37,741,611 | -€7.0m | -15.7% |
| Fixed assets | 21/28 | €21,292,051 | €20,215,078 | -€1.1m | -5.1% |
| Tangible fixed assets | 22/27 | €815,140 | €1,438,167 | +€623,027 | +76.4% |
| Land and buildings | 22 | €620,412 | €692,092 | +€71,680 | +11.6% |
| Plant, machinery and equipment | 23 | €30,281 | €27,993 | -€2,288 | -7.6% |
| Furniture and vehicles | 24 | €164,447 | €146,922 | -€17,525 | -10.7% |
| Other tangible fixed assets | 26 | - | €571,160 | +€571,160 | |
| Financial fixed assets | 28 | €20,476,911 | €18,776,911 | -€1.7m | -8.3% |
| Current assets | 29/58 | €23,478,373 | €17,526,533 | -€6.0m | -25.4% |
| Amounts receivable after more than one year | 29 | - | €120,000 | +€120,000 | |
| Other amounts receivable | 291 | - | €120,000 | +€120,000 | |
| Stocks and contracts in progress | 3 | €20,174,555 | €12,711,913 | -€7.5m | -37.0% |
| Stocks | 30/36 | €20,174,555 | €12,711,913 | -€7.5m | -37.0% |
| Amounts receivable within one year | 40/41 | €474,763 | €388,153 | -€86,610 | -18.2% |
| Trade receivables | 40 | €229,807 | €27,450 | -€202,357 | -88.1% |
| Other amounts receivable | 41 | €244,956 | €360,703 | +€115,747 | +47.3% |
| Cash at bank and in hand | 54/58 | €2,823,027 | €4,298,421 | +€1.5m | +52.3% |
| Deferred charges and accrued income | 490/1 | €6,029 | €8,046 | +€2,017 | +33.5% |
| Total equity and liabilities | 10/49 | €44,770,424 | €37,741,611 | -€7.0m | -15.7% |
| Equity | 10/15 | €20,714,088 | €20,316,213 | -€397,875 | -1.9% |
| Contributions | 10/11 | €7,000,000 | €7,000,000 | = | 0.0% |
| Reserves | 13 | €13,714,088 | €13,316,213 | -€397,875 | -2.9% |
| Distributable reserves | 133 | €13,714,088 | €13,316,213 | -€397,875 | -2.9% |
| Amounts payable | 17/49 | €24,056,336 | €17,425,398 | -€6.6m | -27.6% |
| Amounts payable after more than one year | 17 | €1,524,000 | €1,224,000 | -€300,000 | -19.7% |
| Financial debts | 170/4 | €1,524,000 | €1,224,000 | -€300,000 | -19.7% |
| Amounts payable within one year | 42/48 | €22,383,692 | €16,092,621 | -€6.3m | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 43 | €13,959,138 | €7,660,921 | -€6.3m | -45.1% |
| Credit institutions | 430/8 | €13,959,138 | €7,660,921 | -€6.3m | -45.1% |
| Trade debts | 44 | €94,221 | €22,056 | -€72,165 | -76.6% |
| Suppliers | 440/4 | €94,221 | €22,056 | -€72,165 | -76.6% |
| Taxes, remuneration and social security | 45 | €29,963 | €45,509 | +€15,545 | +51.9% |
| Taxes | 450/3 | - | €11,559 | +€11,559 | |
| Remuneration and social security | 454/9 | €29,963 | €33,950 | +€3,987 | +13.3% |
| Other amounts payable | 47/48 | €8,000,370 | €8,064,135 | +€63,765 | +0.8% |
| Accrued charges and deferred income | 492/3 | €148,644 | €108,777 | -€39,867 | -26.8% |
| Non-recurring operating income | 76A | €269,763 | €7,500 | -€262,263 | -97.2% |
| Remuneration, social security and pensions | 62 | €525,677 | €302,184 | -€223,493 | -42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,077 | €78,304 | -€87,773 | -52.9% |
| Other operating charges | 640/8 | €22,921 | €7,513 | -€15,408 | -67.2% |
| Non-recurring operating charges | 66A | €1,372 | - | -€1,372 | |
| Gross operating margin | 9900 | €6,848,255 | €1,797,996 | -€5.1m | -73.7% |
| Operating profit (loss) | 9901 | €6,132,207 | €1,409,995 | -€4.7m | -77.0% |
| Financial income | 75/76B | €60,673 | €102,173 | +€41,500 | +68.4% |
| Recurring financial income | 75 | €60,673 | €102,173 | +€41,500 | +68.4% |
| Financial charges | 65/66B | €2,852,851 | €679,968 | -€2.2m | -76.2% |
| Recurring financial charges | 65 | €2,852,851 | €679,968 | -€2.2m | -76.2% |
| Profit (loss) for the period before taxes | 9903 | €3,340,030 | €832,200 | -€2.5m | -75.1% |
| Income taxes | 67/77 | €817,919 | €230,074 | -€587,845 | -71.9% |
| Profit (loss) for the period | 9904 | €2,522,111 | €602,125 | -€1.9m | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,522,111 | €602,125 | -€1.9m | -76.1% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.